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Response to Changing Economic Environment is an Ongoing Process Between 2004 and 2007 the housing market made remarkable gains, and the District experienced stronger than expected property tax revenues. The property tax growth rate during this period did not appear sustainable based on long-term property tax revenue trends. The District did not commit the greater than anticipated revenues to ongoing operating expenses, thus providing stability when trends return to normal. The District conducted a financial study session with respect to these one-time revenues and in July 2007 transferred them to one time expenses: provided funds for Lang Ranch Community Park design and development, established an operating reserve (aka "rainy day") fund, added funds to an equipment replacement fund, and set aside funds to transition from a "pay as you go" system for funding retiree medical health benefits to funding those benefits as they are accrued.' The last three actions prepare the District to Fetter weather this and future financial stones. Unfortunately, the housing market has slowed to the point that property tax revenues are expected to grow at less than the long term trend. Last summer, the Board revisited the FY 2008109 budget (the second year of the prior two-year budget), reducing originally planned spending by over $400,000. In addition, throughout this past fiscal year, the Board and District staff made decisions to reduce spending even further in light of the most severe recession in recent history. A Senior Park Planner position has gone unfilled for over six months, fleet services are being re -organized, lobbying services suspended, service contracts have been re -bid at lower annual amounts, minutes and agendas made available online, computer systems streamlined and integrated, more energy efficient lighting installed at various facilities (lower electricity costs), and smart irrigation controllers installed to reduce water demand. Whether the economy is growing or shrinking, cost-saving opportunities and efficiency improvements are routinely considered by employees working in every part of the District. Simultaneously, employees are continuously seeking ways to enhance recreation programming and improve park facilities in an effort to at least meet the needs — and hopefully exceed the expectations of - this great community. Given the budget environm_ ent that now exists, staff has put together a spending plan which may generally be described as flat over the next two years. There are no new programs. The two, one- year operating budgets are described below and attached hereto. General Fund The General Fund is the primary operating fund of the District. Costs associated with the day-to-day operations of the District are budgeted in this fund, as are repair projects under $5,000 and the purchase of capital items. Organization of General Fund Detail The information provided on the General Fund is organized as follows: General Fund Budget Summary — Page 2. This is a snapshot of General Fund revenues and expenditures. Revenue Summary — Pages 3-4. This is a summary of all District General Fund revenue sources. 1 This change was done to comply with Statement 45 of the General Accounting Standards Hoard (GASB) which requires public agencies to either fund such benefits in the year accrued or identify those benefits as a long-term liability on the agencys financial statements. HILLCREST CENTER 403 WEST HILLCREST DRIVE, THOUSAND OAKS, CALIFORNIA 91360-4223 (805) 495-6471 FAX: (805) 497-3199 E-MAIL:parks@crpd.org